The Venture Codex

Participated · Series C · Aug 2021

Loship operates an on-demand delivery platform that started as a reviews app and now offers one-hour deliveries for food, ride-hailing, medicine, groceries, laundry, packages, beauty products and B2B supplies. The company says it serves about 2 million customers, works with more than 200,000 merchants and has over 70,000 drivers across Hanoi, Ho Chi Minh City, Da Nang, Can Tho and Bien Hoa. Loship plans to use the new funding to expand into new cities and grow verticals such as B2B deliveries for small food and beverage businesses and retail stores. Through a staged rollout it aims to reach 10 major cities (adding five more) by the end of 2021, then enter Tier 2 and 3 Vietnamese cities and expand regionally into Southeast Asia, with Laos and Cambodia highlighted as priorities. The company says it has a "very clear path to profitability" and has been splitting its Series C into a pre-Series C and a Series C to accelerate closing. Financially, Loship has raised $12 million in this pre-Series C round, taking its valuation to $100 million and bringing total capital raised to $20 million.